Answers to Frequently Asked Questions (FAQs)


Q1.  I’ve heard that Silver Star REIT shares can now be bought and sold in the open market, like an ordinary stock. Is that correct?

Yes. On January 10, 2024, Silver Star REIT announced a partnership with LODAS Markets, which operates an automated, online marketplace for the buying and selling of assets such as Silver Star REIT. The LODAS marketplace functions similar to a stock exchange, electronically matching buyers and sellers of securities, and is fully regulated.

In order to buy or sell Silver Star REIT shares, you or your financial advisor can simply visit the LODAS website to create an account. On the site, you will be prompted to input your first and last name, email address, and phone number. You’ll also be asked to create a password.

As the LODAS marketplace matches buyers and sellers, there is no guarantee of trades being executed at the net asset value (NAV) that a buyer or seller desires. Prices for executions are determined by the bids and offers that buyers and sellers submit on the LODAS platform, similar to a stock exchange.

Q2. I invested with a company called Hartman, but I got a letter saying you changed to Silver Star Properties. Can you assist me with information about my investment?

Silver Star Properties does not own and has no affiliation with Hartman vREIT XXI, Inc., also known as the 21 program, and we will not be able to assist with any questions regarding it.

In December of 2022, Hartman Short Term Income Properties XX, Inc. changed its name to Silver Star Properties REIT, Inc. It is the successor to three former companies: Hartman Short Term Income Properties XX, Inc., Hartman Short Term Income Properties XIX, Inc., and Hartman Income REIT, Inc. If you owned stock in any of these programs and want to access your account information online, please visit http://www.silverstarreit.com/shareholders/. If you have questions and or need assistance, see Q8  and Q9 below.

A Response From the Executive Committee to Allen Hartman’s Allegations

Letter To Stockholders

Proxy Statement

Investor Presentation


View recent article featuring Gerald Haddock HERE


Silver Star Fireside Chat #1 with Gerald Haddock and David Wheeler HERE


Gerald Haddock Addresses Shareholders HERE

If you are a DST investor, please contact 877-734-8876 and follow the prompts for DST assistance.


Q3.  What is Silver Star Properties REIT’s current estimated net asset value (“NAV”) per share?

On April 13, 2023, our independent directors determined an estimated NAV per share of our common stock of $6.25 as of December 31, 2022. The Company only computes its NAV once annually.

Q4.  Why was the NAV reduced from the 2021 level? 

Our NAV is computed once a year.  The current NAV was computed as of December 31, 2022. The prior NAV was computed as of December 31, 2021.

The current reduction in NAV was the culmination of two separate contributors. Firstly, we had our property values determined by a third-party evaluator, who provided the value of the properties based on what they could be sold for on the current market. This does not mean that we cannot or will not sell them at a higher value, it just means that under their standardized procedure for considering property values, the individual values of the properties have dropped as they are part of an out of favor asset class (commercial office).

The second reason for the reduction in our NAV is that much of the financed portion of the debt is short term, floating rate interest. This causes our debt portion of the NAV calculation to be considerably higher than previously and we are currently engaged in a refinancing process.

We are in the process of selling some or potentially all of these commercial office properties and replacing them with self storage facilities which are largely in favor at the moment and are likely to lead to an increase in the share value.


Q5.  I am looking for the redemption form to liquidate/redeem my stock. When can I redeem/liquidate my shares? Are you doing redemptions for this investment at this time?

From 2020, the redemption program was limited to redemption claims based on death and disability. There were limited funds available for redemption and there was a queue of requests that formed. The program for redeeming shares closed in July of 2022. Not all requested redemptions were completed before the program was suspended. At this time, we do not have a date of when a redemption program will open again as we are working to increase share value.


Q6. What is a Rights Agreement?

The Board adopted its rights agreement to ensure that all of the Company’s stockholders are treated equally. The rights agreement is designed to limit the ability of any person or group to gain control of the Company without paying all the Company’s stockholders a premium for that control. The Company’s financial condition, operations and earnings per share will not be affected by the adoption of the rights agreement. Further details about the rights agreement can be found in the Company’s Current Report on Form 8-K filed August 21, 2023.

Q7. How does Hartman SPE, LLC Chapter 11 filing benefit Silver Star Properties?

Silver Star Properties REIT, Inc.’s indirect subsidiary, Hartman SPE, LLC (the “SPE”), which owns legacy office, retail and industrial properties, announced via news release and From 8-K on September 13, 2023 that (i) with the SPE’s sales of its Prestonwood property netting $25 million and (ii) to improve its ability to sell its remaining legacy assets, the SPE has filed a voluntary petition under Chapter 11 of the Bankruptcy Code (the “Filing”).

The Filing will allow the SPE to conduct an orderly sale of its assets to pay its undisputed creditors in full, complete the refinance of its maturing senior indebtedness, and maximize capital available for Silver Star’s redeployment into the self storage asset class. Further, this Filing will allow the SPE to complete property sales without external interference by a dissident minority holder, which sales will be instrumental as the SPE looks to close on the refinancing of its SASB loan.

The Filing comes after failed efforts amicably to resolve intercompany ownership matters, a process that has been ongoing since December 2022, involving negotiations between the Company and Hartman vREIT XXI, which is under the control of Allen Hartman. The Company has diligently pursued mediation and sought legal remedies in response to Allen Hartman’s efforts to secure more favorable terms through the use of controversial legal tactics. The Company believes the Filing represents a viable and constructive avenue to obtain the necessary relief to prove its ownership of the SPE’s properties, thereby safeguarding and enhancing shareholder value.

The bankruptcy filing for the SPE is part of its moving forward strategy as Silver Star expects to emerge quickly and with removal of our dissident’s interference. That will allow the Company to resume its new growth strategy and make distributions to its shareholders much quicker, all of which have been hindered by the dissident’s interference.

Q8.  Who do I contact for assistance with updating my address and phone number, changing information on my investment account, and/or transferring my shares to someone else?

Go to https://silverstarreit.com/shareholders/ to retrieve forms to request changes or updates to your account or contact the transfer agent.

Transfer Agent: Phoenix American Financial Services

Support Email[email protected]


Q9.  I inherited stock. Who do I contact to find out more about it?

If you are looking for the number of shares you own, you can create a login on our website at https://silverstarreit.com/shareholders/. Register the account using your Investor ID (shareholder#) and create a password. If you don’t have this information, please reach out to the transfer agent (see Q7.), ask for Silver Star Support and they will be able to assist you with retrieving your Investor ID and any logon issues you may have.


Q10.  What is the most efficient way to contact the Company if I have other questions regarding Silver Star Properties REIT?

Please email your questions to:

Ken Dennard, Investor Relations

[email protected]